Mass. tax revenue collections for April exceed expectations by over $1 billion

Mass. tax revenue collections for April exceed expectations by over $1 billion

April tax collections beat the Healey administration’s expectation by more than $1 billion, driven by revenue from the surtax on annual income above $1 million and capital gains taxes, the Department of Revenue said Monday. Last month’s $6.838 billion in tax revenue was $511 million or 8.1% greater than what was collected in April 2024, and $1.116 billion or 19.5% more than the administration’s monthly benchmark. With just two months left in fis…

Mass. collected $1.1 billion more in taxes than it expected to in April. But warning signs remain. - The Boston Globe

Those warning signs include federal funding cuts under President Trump and a looming economic recession.

The April tax collection exceeded the expectations of the Healey administration by more than a billion dollars, driven by income from the additional tax on annual income over one million dollars and taxes on capital gains, the Revenue Department reported on Monday. Last month’s tax revenue of $6,838 million exceeded by 511 million dollars, or 8.1 percent, what was collected in April 2024, and by 1,116 million dollars, or 19.5 percent, the monthl…